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Primestor Unloads Phoenix Retail Center
Longpoint Realty Partners acquired El Monte Shopping Plaza, a 101,269-square-foot retail center in Phoenix. Primestor Development sold the asset for $17 million, according to Commercial Edge information. The property was 99 percent leased at the time of closing.
El Monte Shopping Plaza opened in 1962 on an 8.8-acre site. It is anchored by El Rancho Market IGA, a Mexican and Hispanic specialty grocery store. The property has 15 tenants, including Baskin-Robbins, Shoe Palace, ArchWell Health and USA Cash Services.
El Monte Shopping Plaza is at 8917 N. 19th Ave., just south of the Valley light rail and 12 miles from downtown Phoenix. Interstate 17 is also nearby.
Colliers Mindy Korth, JK Jackson, El Warner and Caitlin Zirpolo arranged the transaction.
Earlier this month, Longpoint purchased a slightly smaller retail center in Katy, Texas. JLL Capital Markets brokered the sale of the 96,486-square-foot asset that was completed in 1978.
- ◦Sale/Acquisition
